Answer :This question is incomplete. The complete question, answer & explanation for this question is given in the attachment below.  ayokenny2001 ayokenny2001 Please see attached concluding part of the question as it is incomplete. a.Costs assigned to ending inventory and to cost of goods sold using FIFO i Cost of ending inventory FIFO = {(20 * 5) + (24 * 4)} = 100 + 96 = 196 ii Cost of good sold FIFO = 750 - 196 = 554 b. Costs assigned to ending inventory and to cost of goods sold using LIFO i Cost of ending inventory LIFO = {(40 * 2) + (4 * 3)} = 80 + 12 = 92 ii Cos of goods sold LIFO = 750 - 92 = 658 c. Gross margin for each method (FIFO and LIFO) FIFO Sales (176 * 8) 1,408 less: Cost of goods sold 554 Gross margin 854 LIFO Sales (176 * 8) 1,408 less: Cos of good sold 658 Gross margin 750 New questions in BusinessThe Toso Company uses the retail inventory method. The following information is available for the year ended December 31, 2016: Applying the conventional retail inventory method, Toso's inventory at December 31, 2016, is estimated at: $469,000 Ending inventory at retail: $670,000 [$650,000 (beginning inventory) + $1,835,000 (net purchases) + $75,000 (net markups) - $45,000 (net markdowns) - $1,845,000 (net sales)]. Cost ratio = 70% [$390,000 (beginning inventory) + $1,402,000 (net purchases)] ¸ [$650,000 (beginning inventory) + $1,835,000 (net purchases) + $75,000 (net markups)]. Ending inventory at cost: $670,000 x 70% = $469,000. The Toso
Company uses the retail inventory method. The following information is available for the year ended December 31, 2016: Applying the average cost retail inventory method, Toso's inventory at December 31, 2016, is estimated at: $477,392 Ending inventory at retail: $670,000 [$650,000 (beginning inventory) + $1,835,000 (net purchases) + $75,000 (net markups) - $45,000 (net markdowns) - $1,845,000 (net sales)]. Cost ratio = 71.25% [$390,000 (beginning inventory) + $1,402,000 (net purchases)] ¸ [$650,000 (beginning inventory) + $1,835,000 (net purchases) + $75,000 (net markups) - $45,000 (net markdowns)]. Ending inventory at cost: $670,000 x 71.2525% = $477,392. The Toso Company uses the retail inventory
method. The following information is available for the year ended December 31, 2016: Applying the LIFO retail inventory method, Toso's inventory at December 31, 2016, is estimated at: $405,035 Ending inventory at retail: $670,000 [$650,000 (beginning inventory) + $1,835,000 (net purchases) + $75,000 (net markups) - $45,000 (net markdowns) - $1,845,000 (net sales)]. The current year's layer: $20,000 ($670,000 - $650,000). Cost ratio: 75.17% [$1,402,000 (net purchases at cost)] ¸ [$1,835,000 (net purchases at retail) + $75,000 (net markups) - $45,000 (net markdowns)]. Ending inventory at cost: $390,000 (beginning inventory at cost) + $15,035 ($20,000 x 75.17%). |
Tree Seedlings has the following current-year purchases and sales for its only product Quizlet
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